What drives the Austin economy?

Some feel job creation is driving the Austin economy. Others feel it is the real estate sector made up of both owners and renters. It’s a combination of both….a catch 22. Austin’s illustrious job creation is fueling a strong demand for homes and apartments. It does not appear this is going to let up any time soon!

Large business is offering good paying jobs as their companies expand. They are bringing in newcomers to Austin at an alarming rate. Lower wage workers can readily find jobs as restaurants and entrepreneurs open local business ventures. Many UT students graduate and want to stay in Austin. The medical field is exploding and commercial real estate is booming on two fronts – construction of new properties and the sale of existing buildings.

Affordability for housing becomes a great concern as demand outstrips supply and prices escalate raising concerns with residents that they are being priced out of the market. The crux of the current activity is built on actual demand, not speculation. Sellers, builders and apartment owners are sitting pretty and calling the shots as the strong demand continues pushing up prices because of our strong economy.

According to Candice Gallagher with Austin Title as of July 27th from the Austin MLS the June 2015 housing numbers are as follows:

Units sold up 3.06% over June 2014

Average Sales Price up 2.94% from June 2014

Median Sales Price up 8.69% from June 2014

Days on market up 2 days over June 2014

Strong economy equals strong demand for housing in Austin. If you are a homeowner thinking of selling, a prospective buyer or just curious about real estate in NW Austin; I welcome the opportunity to discuss our market. Feel free to contact me at 512-346-1799 or dillard@reloaustin.com. I offer you hands on Professional guidance for all your real estate needs.

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